The Federal Reserve on Wednesday left interest rates unchanged near zero and said it would deploy its "full range of tools" to support the US economy as the coronavirus pandemic continues to wreak havoc on the US economy.
"The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world," the committee said in a statement. "The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses."
Policymakers agreed following their two-day meeting in Washington to maintain rates as they continued to see signs of a badly damaged economy.
The decision to refrain from dropping rates into negative territory, as some other central banks have done, had been widely expected by investors after Fed Chairman Jerome Powell and several other Fed board members spoke out against negative rates.